DISCLOSING ENVIRONMENTAL AND SUSTAINABILITY PRACTICES AND INITIATIVES IN THE ANNUAL REPORTING PROCESS OF PROPERTY INVESTORS: EVIDENCE FROM MALAYSIA

Investors around the world are recognising the importance of embedding environmental, social and governance issues when making property investment decision or sustainable and responsible investment (SRI). The objective of this paper is to examine the implementation of environmental, social practices of property investors in Malaysia. Content analysis is used in this research. Analysis was conducted of potential SRPI or ESG initiatives of 13 Real Estate Investment Trusts (REITs), property investment companies and key institutional investors using publicly available company literature. The websites and annual reports of these investors from 2007-2009 were examined in order to identify activities, strategies contributing to the progress of sustainable and responsible property investment. The progress made was also compared with progresses made in other countries including UK, USA and Australia. The study indicates that although some of the Malaysian REITs and property investment companies are beginning to adopt sustainability practices this is less embedded than in other major countries notably Australia. The study also shows that the sustainability agenda is skewed more to notion of corporate philanthropy than environmental issues.